The Role of a Process Agent in an International Financing Transaction
As part of an international financing transaction, you may need to appoint a process agent for service of notices or proceedings. process agency are similar to a registered agent in the US, accepting legal proceedings on an overseas client’s behalf. This type of service is required from time to time when a business deals with suppliers, banks or lenders located in a different country.
Exploring the Duties and Responsibilities of a Processing Agent
In most cases, the role of a process agent in an international financing transaction is to receive service of process notifications for legal proceeding matters on behalf of the company. This is particularly important when a loan or financial agreement is governed by laws in another jurisdiction. A professional process agent understands the exact legal proceedings they are required to accept on your behalf, and can instil confidence in all parties involved in a financing transaction that there will not be a missed or mishandled procedure leading to litigation.
When choosing a process agent, make sure they can manage your business across the entire United States. Trucking businesses need to designate process agents for every state in which they are authorized to operate and in all states through which their trucks transport products. For this reason, it’s best to choose a blanket agent that has commercial offices in all 50 states and Washington DC.
For example, Process Agent LLC offers nationwide coverage at just $25 per year. They are certified by the FMCSA and have a track record of handling thousands of BOC-3 filings for transportation companies. This ensures that any broker, motor carrier or freight forwarder can trust their national service of process and receive notifications of legal proceedings no matter where they are.